Coins vs rounds: what’s the difference?

This is general information, not financial or investment advice.

A coin is bullion that is issued by a government mint and recognised as legal tender. It has a face value, although this value is largely symbolic because the metal content is worth much more.

Examples include:

While these coins are technically money, they are bought and sold primarily for their precious metal content, not their face value.

A round is bullion that is not legal tender. It is usually privately minted, has no face value, and is valued purely for its metal content.

Examples include:

Rounds are sometimes casually called “coins,” but technically they are not coins because they are not government-issued.

The resale value of both coins and rounds is primarily determined by the metal content and the prevailing spot price at the time of sale. For bullion investors, premiums paid at purchase may vary, but selling through a bullion dealer is typically based on weight and purity rather than face value or design.

Legal tender coins are often more widely recognised due to being government-issued, and they often have more security features over rounds. That said, Ainslie buys back both coins and rounds at the same rate, provided they meet our acceptance criteria. Liquidity at Ainslie is therefore equivalent for both formats.

Some legal tender coins may carry numismatic (collector) value, particularly limited issues or older series. However, Ainslie operates as a bullion dealer, not a coin collector, so buybacks are based on metal value, not collectibility. Customers seeking numismatic valuation should consult a specialist coin dealer.